Earthquakes have the potential to be extremely destructive and these seismic events pose a threat to residents of Utah. In order to ensure that your property is properly covered against the damage these quakes can cause, it is important to ensure that your home or business is adequately covered by earthquake insurance. Many people do not realize that their policies exclude this coverage until it is too late. If you have not already supplemented your home and business coverage with an earthquake insurance rider, you may want to consider requesting quotes for this important coverage.
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Utah Geological Survey Earthquake Statistics
- Large earthquakes (with a magnitude of 6.5 to 7.5) are to be expected every 50 to 150 years in UT.
- Moderate earthquakes (with a magnitude of 5.5 to 6.5) occur approximately every 10 to 50 years in this state.
- Less severe earthquakes (with a magnitude of 5.0 to 5.4) occur, on average, once every 4 years.
- Minor earthquakes with a magnitude less than 5.0 occur approximately 7 times a year.
Moderate and large earthquakes can result in serious damage to homes and businesses. Even quakes with a magnitude of 5.0 can damage buildings. It is therefore extremely important that Utah residents carry earthquake insurance.
How Do I Get Earthquake Insurance?
Earthquake insurance is typically purchased as an addendum to a homeowners or business insurance policy. These policies typically do not include earthquake coverage as part of their standard coverage, so if your home or business is destroyed in an earthquake and you have not purchased the earthquake insurance endorsement, you will not be able to collect compensation.
Not all home and business insurance providers offer earthquake insurance coverage as an option, so if you are interested in purchasing this coverage, you may have to switch providers in order to obtain it. Be aware that earthquake insurance coverage usually comes with a very high deductible, so it is extremely useful if your home is destroyed by a quake but may not be helpful if a quake merely causes your china cabinet to fall over.
Why Are Residents of Utah at Risk?
There is a system of faults in and around the state of Utah, the most active of which is the Wasatch Fault, which runs along the western edge of the Wasatch Mountains. This fault line is 240 miles long and stretches from Idaho to the town of Fayette in central Utah. Shifts in the fault line can cause ground subsidence and shaking and can be quite damaging. Houses built after 1970 have a decreased chance of becoming severely damaged by an earthquake because the government instituted building ordinances in that year that were designed to minimize the risks. Utah cities along the Wasatch Front have the most strict ordinances and land use controls.
Is Earthquake Insurance Expensive in Utah?
Utah has a higher-than-average earthquake risk so coverage in this state will be on the more expensive side. These policies will typically come with deductibles of about 10 percent. When you request earthquake insurance quotes, your rates will be determined by a number of factors including:
- Where your home is located: Structures in close proximity to known fault lines will have higher insurance premiums.
- When your house was constructed: Houses built after 1970 are more likely to be able to withstand the tremors of an earthquake.
- The value of your home and contents: The more coverage you need to buy, the greater your insurance costs will be.
- The amount of your deductible: You can often reduce your costs by requesting a higher deductible, though the deductible amounts for earthquake insurance are already rather high.
The only way to find out how much earthquake insurance will cost you is to request quotes from insurance companies servicing Utah. Comparison shopping is strongly recommended to ensure that you are getting your policy at a reasonable rate.
Utah Residents Can Compare Earthquake Insurance Quotes
Obtaining earthquake insurance quotes for your Utah home or business is easy when you have the help of an independent insurance agent in our network. A local agent will be familiar with the hazards you face in your Utah neighborhood and can offer you advice about your various policy options as well as provide you with competitively-priced quotes from a number of different insurance providers.
Contact an agent near you today to get more information about earthquake insurance and you can start comparing quotes today.